International Airlines Group (IAG) Announces Leadership Change: Nicholas Cadbury to Step Down, José Antonio Barrionuevo to Join as the CFO Effective June 2026

International Airlines Group (IAG) today confirmed a significant leadership transition as Nicholas Cadbury, the Group’s current Chief Financial Officer (CFO), announced his decision to step down from the role in June 2026. In his place, José Antonio Barrionuevo, the current Chief Financial and Transformation Officer at British Airways, will take over as the new CFO of IAG. This change in leadership is part of IAG’s ongoing succession planning and marks a key moment in the Group’s future growth and transformation strategy.

Who is Affected?

The leadership change affects International Airlines Group (IAG), a major global aviation conglomerate that owns several leading airlines, including British Airways, Iberia, Aer Lingus, and Vueling. The appointment of José Antonio Barrionuevo as CFO will significantly impact the financial direction of the Group, which has been focused on transformation and growth since its formation in 2011. Nicholas Cadbury has served as the CFO of IAG since early 2022, and his departure after more than four years with the company represents a key leadership shift.

José Antonio Barrionuevo has been with IAG since 2013 and has held several key roles in financial leadership, transformation, and strategy. As the new CFO, he will take on a crucial role in overseeing the Group’s financial operations and guiding its continued growth and profitability.

What Happened?

The announcement of the leadership change comes as Nicholas Cadbury decided that June 2026 would be the right time for him to step down and seek new opportunities outside IAG. Cadbury, who joined IAG in 2022, has overseen a period of significant financial recovery for the Group, improving its balance sheet and profitability after the challenging years of the pandemic.

In response to the transition, José Antonio Barrionuevo will step into the role of CFO, bringing a wealth of experience in aviation financial management. Barrionuevo is currently the Chief Financial and Transformation Officer at British Airways and has been instrumental in leading the financial transformation there. Prior to his current role, he spent seven years as CFO of Iberia, one of IAG’s founding airlines, and has also held senior positions at JP Morgan and McKinsey & Company.

This leadership change is seen as a strategic move to ensure IAG’s future growth, with Barrionuevo’s extensive background in finance, transformation, and strategy making him an ideal candidate to lead the Group’s financial operations.

When Did This Happen?

The official announcement was made on January 9, 2026, but the change will take effect in June 2026, giving IAG ample time to ensure a smooth transition. This timing allows Nicholas Cadbury to support Barrionuevo during the handover process over the next six months before stepping down from his role.

José Antonio Barrionuevo will take over as IAG’s CFO effective June 2026, following Nicholas Cadbury’s departure. The transition is part of IAG’s succession planning efforts, which are aimed at developing and promoting senior leaders within the company.

Where Did This Happen?

The change in leadership impacts International Airlines Group (IAG), a multinational aviation company headquartered in London, United Kingdom. IAG’s financial operations span across the globe, with a focus on major European markets, especially in the UK and Spain, where its key operating airlines British Airways and Iberia are based. The appointment of Barrionuevo as CFO will have implications for IAG’s global operations and future growth strategy.

Why Did This Happen?

The transition is the result of Nicholas Cadbury’s decision to step down from his role and seek new challenges outside of IAG. Cadbury had led the Group through a critical phase of financial recovery and growth, having been instrumental in improving IAG’s profitability and shareholder returns since his appointment in early 2022.

As part of IAG’s succession planning, the Group had already developed internal candidates for senior leadership roles. José Antonio Barrionuevo was chosen to succeed Cadbury due to his proven track record in financial leadership and transformation within the aviation industry. Barrionuevo’s experience includes leading significant financial transformations at both British Airways and Iberia, two of IAG’s core airlines.

The appointment of Barrionuevo comes at a time when IAG is focused on long-term sustainable growth, profitability, and creating value for shareholders. The leadership change reflects the Group’s commitment to continuing its evolution in the highly competitive and dynamic global aviation market.

How Will This Impact IAG?

The leadership change is expected to have a significant impact on IAG’s operations. As the new CFO, José Antonio Barrionuevo will be responsible for overseeing IAG’s financial strategy, including its growth plans, shareholder returns, and investment in sustainable aviation practices. Barrionuevo’s extensive experience in both financial management and corporate transformation will likely contribute to the Group’s ongoing efforts to innovate and thrive in the post-pandemic aviation industry.

Luis Gallego, IAG’s Chief Executive Officer (CEO), expressed confidence in the leadership transition, emphasizing the importance of Barrionuevo’s experience in guiding IAG’s future success. Barrionuevo’s appointment is seen as an opportunity to further strengthen IAG’s financial stability and position the Group for future challenges in the aviation industry.

Additionally, IAG’s succession planning ensures that leadership transitions occur smoothly, with internal candidates being groomed for senior positions, maintaining continuity and stability across the Group’s various operating companies.

The Aftermath for IAG

The departure of Nicholas Cadbury marks the end of a successful period of financial recovery and transformation for IAG, and his contributions to the Group’s profitability will be remembered. Over the next six months, he will continue to support the transition to José Antonio Barrionuevo, ensuring a smooth handover of responsibilities.

For José Antonio Barrionuevo, the role of CFO presents an exciting opportunity to continue his work within the IAG family, leveraging his expertise in finance, strategy, and transformation to help guide the Group towards sustainable long-term growth. With his appointment, IAG aims to continue its focus on delivering value for customers, shareholders, and employees, while navigating the evolving landscape of the global aviation industry.

Conclusion

IAG’s announcement of the leadership transition from Nicholas Cadbury to José Antonio Barrionuevo in June 2026 marks an important milestone in the Group’s ongoing transformation. With Barrionuevo’s extensive experience and leadership within the IAG family, the company is poised for continued growth and success in the competitive aviation sector. The transition reflects IAG’s focus on long-term sustainability, profitability, and value creation for shareholders, ensuring the Group remains a leader in the global aviation market.

Image: British Airways

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